The World Bank has markedly upgraded the forecasts for Croatia's economic growth in 2016 and 2017, expecting it to stabilise at around 2.5%, while global economy is expected to grow by close to 3%, according to a report released on Tuesday.
Croatia is expected to grow at a 2.5 percent pace in 2017, a half percentage point higher than the Bank's forecast in June 2016.
According to the World Bank's updated report, Croatia's economy in 2016 is set to have risen by 2.7%, whereas the previous projection was 1.9%.
In 2018, Croatia's economy is likely to grow at a 2.5% rate, the projection revised upward by 0.1 percentage point.
In 2019, Croatia is expected to expand 2.6 percent.
Emerging and developing economies in central Europe, which comprises Croatia, Bulgaria, Hungary, Poland and Romania, are expected to grow 3.1% this year and 3.2% in 2018 and 2019.
As for Europe and Central Asia, emerging and developing economies are projected to pick up by 2.4% in 2017, 2.8% in 2018 and 2.9% in 2019.
Global economic growth is forecast to accelerate moderately by 2.7% in 2017 and by 2.9% in 2018 and in 2019.